PESTEL analysis helps show the big picture of a company's external environment, especially when it comes to foreign markets. PESTEL stands for politics, economics, socioculture, technology, environment, and law. By using a PESTEL analysis, managers gain a better understanding of what opportunities and threats they face; consequently, the analysis helps them envision how the business landscape might look in the future. A business can use this tool to determine its position, potential, and direction based on market growth or decline. These factors matter a lot when a company wants to enter a new market.
A PESTEL analysis is a framework that is used to identify and analyze the key drivers of change in a company's or organization's external environment. This framework helps to identify opportunities and threats that may impact a company's or organization's performance. A PESTEL analysis also helps to identify key stakeholders that may have an impact on a company's or organization's ability to achieve its objectives.
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